Midwest Holding, which underwrites and markets life insurance products in the US, announced terms for its IPO on Wednesday. The company is currently listed on the OTCQB under the ticker MDWT.
The Lincoln, NE-based company plans to raise $72 million by offering 1 million shares at a price range of $70 to $74. At the midpoint of the proposed range, Midwest Holding would command a market value of $269 million.
Midwest Holding is a financial services company that uses its technology platform and reinsurance-supported capabilities to develop and distribute insurance products through third-party independent marketing organizations (IMOs). The company operates through three subsidiaries: Nebraska-based life insurer American Life & Security, Vermont-based captive reinsurer Seneca Re, and Delaware LLC 1505 Capital, which provides advisory services. It also provides a cloud-based policy administration solution called m.pas, which currently operates as a division of American Life.
Midwest Holding was founded in 2003 and booked $12 million in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol MDWT. Piper Sandler is the sole bookrunner on the deal. It is expected to price during the week of December 14, 2020.
